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TRUITY · One on One With a Professional

• 0:02
  Speaker 1: Good morning, good morning, good money.
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  Speaker 2: Welcome, welcome, welcome, and it's time to speak with our
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  Speaker 2: good friends Truity Credit Union today. Laura, we just don't
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  Speaker 2: see enough of you these days. She's a well traveled woman.
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  Speaker 1: And also Steve, how are we doing?
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  Speaker 3: Hey, it's a good days, a great day in our neighborhood.
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  Speaker 2: So when we talk about things monetary, first of all,
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  Speaker 2: what is credit? Because there are some folks who say,
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  Speaker 2: well credit, it's this, or it's saturn, what's the straight skinny?
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  Speaker 3: So I give you some some stuff on that. So
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  Speaker 3: as far as what is credit, So anybody that is
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  Speaker 3: a lender or doing any type of money monetary transfer,
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  Speaker 3: say you're even getting car insurance, they want to know
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  Speaker 3: how well.
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  Speaker 1: Do you pay your bills?
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  Speaker 3: So credit is a number that represents basically how responsible
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  Speaker 3: you are with your monetary bills that you have out there.
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  Speaker 3: Good and the numbers can be, you know, basically zero
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  Speaker 3: to like an eight hundred and fifty score, Like a
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  Speaker 3: seven fifty is a great score, six hundred is not
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  Speaker 3: so hot a score. Basically what the the credit score?
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  Speaker 3: You're going to pay a higher interest rate the lower
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  Speaker 3: your score, Say you're getting a loan for an automobile
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  Speaker 3: or a personal loan, a line of credit. The better
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  Speaker 3: your credit, more responsible you pay your bills, the lower
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  Speaker 3: your interest rate's going to be. So credit is used
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  Speaker 3: for a lot of things, even getting in a running
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  Speaker 3: an apartment. They're going to check your credit to see
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  Speaker 3: how responsible you are.
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  Speaker 1: Oh yeah, they will.
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  Speaker 2: And by the way, building up good credit is is
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  Speaker 2: what it's all about.
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  Speaker 1: But it's as easy as what Just paying your bills
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  Speaker 1: on time. That's that's pretty much what all you need
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  Speaker 1: to do.
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  Speaker 2: Yeah, and don't skip, don't don't, don't do things silly,
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  Speaker 2: and don't get buried. Yeah, stuffy. Now, what are some
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  Speaker 2: of the misconceptions that we might.
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  Speaker 1: Have about that?
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  Speaker 4: Well, I think some of the common misconceptions is that
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  Speaker 4: you only have one credit score. So Stephen alluded to
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  Speaker 4: this numerical value of how responsible you are at borrowing
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  Speaker 4: and repaying money.
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  Speaker 5: But there's three different credit bureaus.
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  Speaker 4: So there's TransUnion, Equifax, and Experience, and each of those
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  Speaker 4: have different score models where they calibrate that numerical value
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  Speaker 4: based on different attributes. So I may have, you know,
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  Speaker 4: thirty different scores depending on which bureau and which model
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  Speaker 4: that we're pulling.
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  Speaker 5: And so a lot of misconceptions.
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  Speaker 4: Is people will see these apps and they say, hey,
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  Speaker 4: your credit scores here, but they apply for a loan
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  Speaker 4: and we pull something different, and we just have to
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  Speaker 4: educate members that, hey, there's three different bureaus and different
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  Speaker 4: score models, so it doesn't mean that there's a discrepancy,
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  Speaker 4: it just is how it's being calculated based.
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  Speaker 5: On those things.
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  Speaker 4: Another big misconception is that checking your credit score will
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  Speaker 4: hurt your credit. If you get a credit report, and
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  Speaker 4: a lot of times you can go to I think
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  Speaker 4: it's free annual credit report dot com, but you can
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  Speaker 4: get a credit report. Those don't necessarily always have the score,
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  Speaker 4: but they do have the different tradelines, and it's really
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  Speaker 4: good to get those because you want to make sure
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  Speaker 4: there's not fraudulent activity, because as Stephens said, you know,
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  Speaker 4: you can't get cell phone, you can't get utilities established.
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  Speaker 4: Sometimes you can't get a lease agreement if you have
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  Speaker 4: bad credit, and we do, unfortunately see that compromised identity.
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  Speaker 5: So it is really.
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  Speaker 4: Great get one about every four months just to make
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  Speaker 4: sure that all the activity is actually yours. That's a
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  Speaker 4: great tool, and I know one of the things that
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  Speaker 4: I really love that Trudy has implemented over the last
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  Speaker 4: couple of years is if you're a member with us
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  Speaker 4: and you do our digital banking, we have a my
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  Speaker 4: Credit feature and it will update your credit score daily.
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  Speaker 4: It is a soft pool, so it's not a ding
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  Speaker 4: on your credit. It is you know, a TransUnion, but
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  Speaker 4: so you have a good understanding of where your score
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  Speaker 4: is at. It's with your trusted financial institution, and not
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  Speaker 4: only does it show the score, but it shows the
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  Speaker 4: full report. It gives you tips on how to reach
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  Speaker 4: financial goals. So, as Steven said, if you have a
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  Speaker 4: lower score, you're going to have a higher rate and
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  Speaker 4: that will actually impair your ability to borrow a larger.
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  Speaker 5: Amount of money.
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  Speaker 4: So instead of getting that you know, twenty five thirty
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  Speaker 4: thousand dollars car, you may be pigeonholed, unfortunately to a
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  Speaker 4: fifteen thousand dollars vehicle because you can't afford the payment
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  Speaker 4: because of your higher rate, which is based on that
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  Speaker 4: lower score. So it really is this you know, kind
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  Speaker 4: of domino effect. But we have that my Credit feature.
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  Speaker 4: It's really great. It helps members set those financial goals.
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  Speaker 4: They can build their credit, get pre qualified. We have
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  Speaker 4: pre approvals that we offer through that. So certainly, if
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  Speaker 4: you're listening your Truity member and you have our digital banking,
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  Speaker 4: take advantage of that.
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  Speaker 5: It's completely free, So.
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  Speaker 4: Yes, you Tom. And then I think the other biggest
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  Speaker 4: misconception is that closing credit cards will help your score.
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  Speaker 4: A lot of people think, if I have these credit
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  Speaker 4: cards and I'm not using them, I'll just close them.
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  Speaker 4: But what that does is that actually reduces your capacity to.
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  Speaker 5: Borrow, and that's almost a third of your credit score.
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  Speaker 4: So if you have say three credit cards at ten
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  Speaker 4: thousand dollars limits each, and you close two of them,
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  Speaker 4: you just went from being able to borrow up to
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  Speaker 4: thirty thousand dollars in capacity to ten. So sometimes that
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  Speaker 4: that can impair your credit. So those are the three
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  Speaker 4: biggest misconceptions in my experience with credit that I think
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  Speaker 4: everyone should be aware of. And certainly, if you have questions,
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  Speaker 4: talk to someone who's in lending in credit and just ask.
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  Speaker 2: I'm speaking for a friend, what if a certain friend
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  Speaker 2: has like twelve credit cards out there, shouldn't they think
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  Speaker 2: about maybe pairing it down a little?
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  Speaker 4: You know, I think that as long as you're responsible,
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  Speaker 4: credit cards are really that double edged sword. For credit
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  Speaker 4: in my opinion, because if you misuse that, it will
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  Speaker 4: just plummet your score. It can really cause you a
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  Speaker 4: lot of challenges. You get underwater with the debt.
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  Speaker 5: But if you use those.
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  Speaker 4: Responsibly, oftentimes you're not paying interest. If you're paying your
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  Speaker 4: full balance, you're building credit. You have a really strong
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  Speaker 4: credit history. I know my first tradeline was a credit
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  Speaker 4: card at eighteen and I still have it. I don't
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  Speaker 4: use it regularly, but you know it's still there.
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  Speaker 2: Yep.
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  Speaker 4: I will use it so it stays active. But you know,
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  Speaker 4: so I think if someone truly has an issue managing that,
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  Speaker 4: maybe we want to close some cards. But if you're responsible,
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  Speaker 4: I would say, don't don't close those cards.
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  Speaker 1: Just stay on top of it.
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  Speaker 5: Yes, that's really all it is.
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  Speaker 2: Just be responsible, pay your bills, stay on top of things.
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  Speaker 2: Why you know, I get a nice little email from
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  Speaker 2: Truity every now and again.
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  Speaker 1: That's my cool feature there is like, oh credit score,
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  Speaker 1: good boy.
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  Speaker 2: You know it's so, But also too, it is good
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  Speaker 2: to make sure that folks aren't messing around. My daughter
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  Speaker 2: got hinky on a purchase. It was only two dollars,
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  Speaker 2: but that two dollars was leading probably just some bad things,
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  Speaker 2: and we got that thing taking care of on that so,
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  Speaker 2: you know, nineteen and she was out there looking forward
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  Speaker 2: to what are some of the worst things you can
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  Speaker 2: do to your credit?
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  Speaker 3: So we kind of already alluded to it. The worst
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  Speaker 3: thing you do is not pay your bills.
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  Speaker 2: Just don't tell that in the trash, don't ignore that
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  Speaker 2: on your phone.
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  Speaker 3: Gotta pay your bills and pay them on time. Most
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  Speaker 3: bills you have a little grace for, you'd say five
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  Speaker 3: days or they just charge you a fee, but it's
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  Speaker 3: not necessarily a ding.
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  Speaker 1: On your credit.
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  Speaker 3: But if you ever get a thirty days past due,
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  Speaker 3: it's going on your credit and it's going to be
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  Speaker 3: a massive hickey on your credit score, and it's going
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  Speaker 3: to show on there for seven years. So it's going
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  Speaker 3: to highly affect.
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  Speaker 1: Your credit score for the first year or two. But
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  Speaker 1: it's going to be an answer.
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  Speaker 3: Just simply pay your bills. I mean, the worst thing
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  Speaker 3: you can do is not pay your bills. The other
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  Speaker 3: thing that's bad that Laura kind of alluded to it,
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  Speaker 3: say you have a ten thousand dollars credit card and
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  Speaker 3: you owe nine thousand dollars on it. Your capacity they're
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  Speaker 3: available is only one thousand, and that really hurts your score.
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  Speaker 1: If you paid that.
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  Speaker 3: Down to say four thousand dollars on a ten thousand
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  Speaker 3: dollars limit, your score would instantly go up. So your
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  Speaker 3: score can literally change daily. Most places report to the
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  Speaker 3: bureaus once a month, but as she talked about, depending
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  Speaker 3: on what time different financial institutions report different times, you
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  Speaker 3: can see your score going up and down. Normally it's
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  Speaker 3: based on how much you owe on a revolving credit line.
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  Speaker 3: So credit card, the balances owed matter immensely.
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  Speaker 1: Yeah, they do.
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  Speaker 3: They have pay your bills on time and everything will
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  Speaker 3: be good.
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  Speaker 2: Now we're talking to you as Steve Meyer and the
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  Speaker 2: Lovely is Law here from Truity, and Truity offers products
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  Speaker 2: and special offers that assist with building credit. We already
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  Speaker 2: talked about a few of them. But you know, it
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  Speaker 2: just seems like it's a deep well full of resources
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  Speaker 2: that you folks provide us customers.
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  Speaker 1: We're payful for it.
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  Speaker 4: Yes, well, you know, and I think that's one of
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  Speaker 4: the things Trudy does a fantastic job is exploring all
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  Speaker 4: the solutions that our members may need, the communities that.
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  Speaker 5: We're planted and growing in, you know, we want. We're
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  Speaker 5: here to serve people.
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  Speaker 4: What do they actually need, So we have a great
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  Speaker 4: tool kit of different solutions whatever your credit situation is.
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  Speaker 4: I know in the past I've talked a lot about
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  Speaker 4: our share secured credit card, our Share security and CD
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  Speaker 4: secured loans. So that's essentially just putting money, just cash
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  Speaker 4: in your account as collateral.
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  Speaker 5: They're very low risk to us.
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  Speaker 4: You know, they've got very comparable interest rates, so very
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  Speaker 4: competitive with other solutions, and they're great for people who
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  Speaker 4: don't have established credit.
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  Speaker 5: Or maybe have.
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  Speaker 4: You know, what we see is a lot of times
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  Speaker 4: life just happens to people and so maybe life has
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  Speaker 4: happened to someone and they're trying.
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  Speaker 5: To repair their credit. So those are great tools.
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  Speaker 4: We also have a special program, and this is kind
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  Speaker 4: of the season where we start to see that is
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  Speaker 4: recent college graduates. We have a graduate loan program. We
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  Speaker 4: understand their young professionals and they may not have this
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  Speaker 4: expansive you know, credit report, and typically when you go
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  Speaker 4: to get pre qualified to get say a credit card
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  Speaker 4: or their vehicle, you know, right out of college or
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  Speaker 4: starting a job, they're moving, they're kind of you know,
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  Speaker 4: a little bit more than a big kid. Now right,
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  Speaker 4: they don't have that credit and if they don't have
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  Speaker 4: that score, as Steven said, they're going to get the
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  Speaker 4: higher rates. But it's not because they're irresponsible. They've actually
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  Speaker 4: been very responsible, whether they went to a trade school,
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  Speaker 4: whether they went to you know, a community college or
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  Speaker 4: a big university, and they're entering that workforce. They truly
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  Speaker 4: are that young professional and so we actually have a
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  Speaker 4: program for certain products that have better rate options. So
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  Speaker 4: even though they don't truly have that credit score for
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  Speaker 4: that rate, because we understand that season of life they're in,
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  Speaker 4: we want to help them, We want to grow with them.
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  Speaker 4: We want them to start off on a good financial foundation,
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  Speaker 4: especially when it comes to borrowing finance, you know credit.
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  Speaker 5: And then another solution that we have that's just a
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  Speaker 5: couple of years old.
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  Speaker 4: We have a solution called q cash. We have a
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  Speaker 4: need it Now loan, and then we have another one
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  Speaker 4: and those are really we love those because those are
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  Speaker 4: geared towards members that maybe don't have good credit, and
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  Speaker 4: so it involves member relationship underwriting and we love that
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  Speaker 4: because we have members again that life has happened, but
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  Speaker 4: the relationship that they have with Truity, we see.
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  Speaker 5: That we value it.
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  Speaker 4: So we wanted to add a solution for those individuals
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  Speaker 4: that maybe don't have the credit worthiness for your traditional
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  Speaker 4: unsecured lending, but they have the relationship with Truity and
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  Speaker 4: so they can leverage these loans still get the financing
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  Speaker 4: they need, still at very competitive rates, so they're not
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  Speaker 4: going into these cycles with these payday loans, and they're
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  Speaker 4: able to have their financial needs met as well, and
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  Speaker 4: it doesn't pull credit. It actually looks at the relationship
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  Speaker 4: between them and Truity.
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  Speaker 5: So that's a really cool newer solution.
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  Speaker 2: I'm glad that we have Laura and Steve in here
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  Speaker 2: today talking about credit because credit truly is your middle name.
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  Speaker 1: Trudy credit unit there. Okay, well, old man dad stuff.
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  Speaker 1: You know, I worked on it all night, trust me.
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  Speaker 1: This very moment. I say, now you have locations here
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  Speaker 1: in death, Yes, we do.
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  Speaker 3: So we've got a couple of locations here in town.
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  Speaker 3: And we even have a new im up and Dewey.
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  Speaker 3: So if you haven't stopped by that one, it's been there.
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  Speaker 3: That's traveling onto a year now. It's it's very popular.
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  Speaker 3: Just one last reminder, of course, it's a very big day.
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  Speaker 3: It's tax day. If you need a last minute personal loan,
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  Speaker 3: give us a call. You can do that, come by
• 13:37
  Speaker 3: apply online. You don't have to be there in person.
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  Speaker 3: You can be do We can do the whole loan
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  Speaker 3: from the comfort of your home.
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  Speaker 1: It's not a problem. We can make it happen for you.
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  Speaker 1: And give us a holler. Well, first of all, I
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  Speaker 1: didn't know that was available. Second of all, I did
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  Speaker 1: know you could do it for the comfort of her
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  Speaker 1: at home.
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  Speaker 2: Because but thanks for just being here and thanks for
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  Speaker 2: being a great part of our community. All right, spoks,
• 13:57
  Speaker 2: you've been watching and listening. Are two on one with
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  Speaker 2: the pro with a Truity Credit Union today right here
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  Speaker 2: on K one, the one you trust.
• 14:07
  Speaker 3: Truity Credit Union a better way to bank where members
• 14:09
  Speaker 3: always come first. Experience the credit union difference today Truity
• 14:13
  Speaker 3: cu dot org.